Buying new cars is a bit like smoking, I would not do it myself, but I am gald that others do as both keep my cost of living down, leaving me more cash for holidays, the children, bikes, houses and no need to work overtime to pay the HP on the car or to buy the fags.
Mind you if it was not for people like John Ford - Imported Golf V5s, I could not afford to run my two cars. My cars when new would have cost over £50,000 , I paid less then £6k for both.
Thay are each fully gavalanised, quite low milage, and I see ones like them advertised with 250,000 miles on the clock.
I could keep my two running for the next 10 years, they are big, fast, safe, don't rust and average 30 mpg if driven 'normally'
My thanks go out to their previous owners who bought them new and paid for their full dealer service histories.
New cars are simply not for the private motorist - its a mug's game - let some one else stand the 60%+ loss on a new car in 3 years.
Use the saved cash to pay a chunk off the mortage, or to go on holiday. This way you do not need to work overtime to pay off the HP on the car, or to buy the fags. The mortgage is paid off early, the kids have left home, start your retirement early, or work part time, or work beacuse you want to, not because you have to. Running a new car costs more than a mortgage {except in London perhaps}.
We only live once, better to run old cars and have time to enjoy life than to go to work for long hours simply to pay for a fast depreciating lump of soon to be scrap, parked up as you are working.
After all, about 4 millon people get a new car for free very couple of years. If that turns you on then get a job as a sales rep!!!!!
Alex
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Pearls of wisdom.
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before we start I have never bought a new car, but car related things do form a significant part of my regular outgoings.
I occurs to me that without the desire to afford bigger and better cars I would still be working in a pub. The need to earn more money to support a car habit is a primary motivating factor in going out a finding a better job.
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I found having children a far greater incentive to make more of the folding stuff than the desire for bigger and better cars, trouble is their running costs are so high that I still have to run around in secondhand cars! (and will be for many ayear). I can wholeheartedly agree with Alex, thank goodness that other people are prepared to pay for the serious initial depreciation of new cars. A better idea for spending the saving - if there is any left after the sprogs have had their way - is to get two wheeled transport for the summer and really enjoy yourself.
I've just worked out the depreciation on my 1989 SRi Cavalier as follows:
Bought June 1992 with 83,500 miles for £4300
Value January 2002 with 311, 000 miles and 9 months MOT £100
Depreciation per mile = 1.85p per mile.
All other running costs worked out at around 15p per mile in that time, I'm not sure that this is meaningful but it gave my calculator something to do!
Rob
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"I found having children a far greater incentive to make more of the folding stuff "
That of course is the next big adventure and my views will probably change then.
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A big adventure is one way of putting it! Someone else on this thread referred to the costs of kids going to University which has really depressed me, I can see I will have to get the bike out this weekend to cheer myself up.
And don't take any notice of those people who claim that having kids didn't (or won't) change their lives - I can distinctly recall saying something similar 10 years ago. Speaking as a very proud Dad, most of the changes are positive and rewarding but it certainly reduces the amount of free capital. I think I might be going off the point now, maybe I should be writing to a different forum........................"Parenting Monthly" perhaps!
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Exactly. I get mine at auction or privately. I do have a problem shifting the old ones but with the money I save, I suppose I could afford to give them away and still be in pocket.
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Have you ever thought of running a reliable clunker on a daily basis and hiring a classy car for the odd holiday / indulgenet weekend etc ?
It works out cheaper as you pay for only when you use however, when you pay for the hire charge, you feel bitten. However when owning a new car, you never realise that the bite is hidden and much bigger.
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thats a lot of miles.
When I hear of vauxhalls doing this many miles it stops me from worrying about mine!
M
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Rob...that takes some beating although I think someone may come along....
How about this.
Bought a Triumph 2000 MK1 NRC 479E on 24.2.77 with 57320 miles on the clock for £410.00.
Sold for £260.00 on 5.9.86 for £260.00 with 140,000 miles on it.
beautiful car with overdrive and leather seating. Bought it from a friend who had it from new and he used to change the oil every 2000 miles and say that every drop of the old oil used to go back onto the underside and into the box sections. I imagine his drive used to show it....
But your'e right theres no financial sense in buying a car new but we tend to lose our sensibility as we get older and the children leave home.
If my wife sees me looking at a car brochure or any other luxury item she never fails to say "is that something else we just can't live without"
it usually works..
Alvin
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Pearls of wisdom indeed ! I bought my Mondeo 2.0 Ghia estate 58,000 mile/3 and a half years old for £4,500 off the firm and opted out of the company car scheme. As a result I trouser about £4,000 per year (about equivalent to the average depreciation p/a over 3 years). This pays for one of my lads at university. Unfortunately, I have had to kick my poor wife back out to work to pay for the other one!
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The lucky buggers lol. I graduated in 2000 after 4 years (sandwich degree) and have a few debts to pay off...(bit expensive being a student if you like the odd drink or three, but I was one of the sensible ones :) I was lucky though and got in (1996) before tuition fees had to be paid, but I funded myself through the four years. It was certainly worth it in the end though.
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I mention this because it is worth putting in the balance pan when considering wasting money on a new car - especially for those parents whose kids may want to go to university. As in everything in life, you have to decide where your priorities lie. The total cost to my wife and I for 2 boys doing 3 year courses in London is approx £33,000, and each of the lads will come out with a student debt of £10,000. I fear that one of them has been tempted by an additional bank loan as well.
New cars are for company drivers and the lucky sods who have retired!
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I too am happy, i love to buy a new car when i get fed up with the old one , my old one was passed on to my lad he too is happy.
My new car i bought with cash , i have no problem losing 10k in three years.
It's good that you too are happy to have some ones used car.
Happy happy happy
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Mice one Pete!
Want a fag?
:)
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Richard P
I did much the same in the early 90s. Full grant too, as classed as an independaby student, plus redundancy money from my old job- not much worse off than woking for the four years.
Now I earn much more than if I had stayed put in my old job, plus 12 weeks holiday per year, pension and 8:30 am to 3:15 pm hours.
I lol frequently when I see old friends working shifts and weekend for a peanuts
Alex
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Do you all go to Oxfam for your clothes too?
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Yah, go on!
You'd all like to have a brand spanker (smell that 'new car smell!).
For those private buyers that do have the money thats OK.
For those that don't, be smart used carbuyers.
Lets have less sage nodding ,'pearls of wisdom', and let those that can, get on with producing used cars for everyone else.
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You get my vote for a balanced view on this one, Brian T. I know I'm out voted, but I still say it's a treat to drive a new car away with 2 or 3 miles on the clock, knowing it's not been messed about with or clocked. We all do with our money what we choose. If it makes you feel good.......
KB.
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